In cryptocurrency markets, liquidity is uber-concentrated and has become more so over time, with nearly all of it found on just eight exchanges. The top eight platforms account for nearly 92% of depth — a measure of all bids and asks within 10% of the mid price — and 90% of volume, according to Kaiko. Binance, the largest crypto exchange, has this year accounted for more than 30% of global market depth and more than 60% of worldwide trade volumes. Besides Binance, the list also includes Coinbase, OKX and Huobi, among others. “Highly concentrated crypto markets are both a good and bad thing. There is undoubtedly a ... (full story)